State Bank of India Sukanya Samriddhi Account

SBI Sukanya Samriddhi Yojana Details

Features of SBI Sukanya Samriddhi Account

The following can be mentioned as the salient features of this specialised small savings scheme -

1. Account Opening - Account can be opened by biological parents or legal guardians on behalf of the girl child through an initial deposit of Rs.1,000. One account per girl child is allowed and a maximum of three accounts can be allowed in a family, subject to the condition that the family has had twin girls. Accounts can be opened at post offices and authorised bank branches and are transferable across India.
2. Deposits - Account requires a low deposit of Rs.250 per year and a maximum deposit of Rs.1.5 lakh in a year is allowed. Deposits can be made through cash and/or cheques in multiples of Rs.100 subject to the aforementioned limits. Deposits can be made for a period of 15 years.

1. Account Operator and Depositor - Until the girl child reaches the age of 10, the account can be operated by a legal guardian or parent on her behalf. The operator of the account will also be the depositor for this period. Once the girl child achieves the age of 10 years, she can choose to operate the account herself. The guardian or parent can still remain the depositor till the end of the deposit period of 15 years.
2. Account Tenure - The account or deposit has a tenure of 21 years at the end of which the deposit achieves maturity and is released from the lock-in period. The amount in the account can be paid out or can be kept as is, allowing further accrual of interest till the date the account is actually closed
3. Partial Withdrawal - After the girl child has reached the age of 18 years, 50% of withdrawal funds from SBI Sukanya samriddhi Account can be done for the purpose of higher education/marriage
4. Account Revival - As mentioned earlier, a minimum deposit of Rs.1,000 is required per year for 14 years in order to ensure the continuity of the account. In case this requirement is not met during any particular year, the account will be discontinued. It can be revived by paying a fee of Rs.50 and the minimum deposit amount

Benefits of Sukanya Samriddhi Account with SBI

This specialised account was launched for the secure future of the girl child and it offers many benefits to the parents/guardians as well as the girl child. These benefits are the most compelling reasons for people to consider opening a Sukanya Samriddhi Account with State Bank of India.

1. High Interest Rate - As of 2024-2025, interest at 8.2% per annum will be compounded and credited into the account every year.
2. Additional Interest - If, post the maturity period of 21 years, the amount in the account is not withdrawn, it will keep earning compound interest at the rates mentioned in the scheme
3. Low Deposit Amounts - Made for every family, the nominal deposits of INR 250 per year allow a depositor to keep adding to the account without much of a struggle
4. Transferability - In case the depositor and/or account holder changes his/her location, the account can be transferred to any authorised bank or a post office there and further actions pertaining to the account can be done locally
5. Tax Exemption - As a depositor, the funds deposited into this account do not incur tax as per Section 80C, while as an account holder, the maturity proceeds are also tax free. It offers a win-win situation for the guardian and the girl child 

Documents required to open SBI Sukanya Samriddhi Account

In order to open an account, the following required documents for Sukanya Samriddhi Account are specified:

1. Birth Certificate of girl child
2. Government-approved proof of address for parent/guardian of girl child
3. Government-approved proof of identity for parent/guardian of girl child